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US benchmarks in the red by the closing bell, dragged down by tech

Last updated: 21:12 27 Jun 2018 BST, First published: 15:16 27 Jun 2018 BST

Wall Street

The Dow Jones Industrial Average fell more than 160 points, erasing its earlier gains.

Intel Corporation (NASDAQ:INTC) was one of the worst-performing stocks on the index.

General Electric just recently left the index. Its shares were up nearly 2% to US$13.97 by end of the day after its debt-reduction plan earned it an upgrade to Perform from Underperform from Oppenheimer analysts.

The tech-heavy Nasdaq was down more than 100 points, weighed down by FAANG stocks.

The S&P 500 was down more than 20 points by the closing bell.

Up north, the TSX fell around 35 points. A supply disruption at Suncor, one of the country’s largest oil sands facilities, gave oil prices and energy stocks a boost.

The Russell 2000 small-cap index fell nearly 2%, pulled lower by PolarityTE Inc (NASDAQ:COOL) and Simulations Plus Inc (NASDAQ:SLP).

1:00 PM: Dow retains gains, but Nasdaq dips into the red as trade worries linger

The Dow was still in positive territory in midday trade on Wednesday buoyed by the energy sector, while the Nasdaq and Russell 2000 dipped into the red as trade tensions linger.

The Dow Jones Industrial Average rose 111 points, or 0.46% to 24,4230.

The S&P 500 also traded 0.27% higher to 2,730.47 led by the energy sector which was up 1.7% on the back of a rally in oil prices.

Meanwhile, the tech-laden Nasdaq struggled to hold on to a strong start, falling 0.24% to 7,543, and the Russell 2000 small-cap stock market index fell 0.42% to 1,661. 

West Texas Intermediate crude oil futures rose 1% to US$71.30 a barrel, after rallying 3.6% Tuesday to settle at US$70.53, their highest level since May 21.

10:00 AM: US stocks rise as Trump backs away from plans to slap restrictions on Chinese firms investing in US technology

US stocks opened higher on Wednesday on the back of news that President Trump will back away from his plans to slap restrictions on Chinese companies investing in US technology.

Instead, the White House intends to conduct stricter reviews of the investment policies allowed for foreign companies via the Committee on Foreign Investment in the US in a bid to deal with worries about the purchases of sought-after technology.

Early in the trading session, the Dow Jones Industrial Average jumped 147 points to 24,4230, led higher by Chevron, Caterpillar, Exxon Mobil  and Boeing.

While their performances were not as impressive, the S&P 500, meanwhile, added nearly 16 points to 2,739 while the tech-laden Nasdaq climbed 32 points to 7,594.

Elsewhere, Toronto’s TSX rose 57 points to 16,337 while the Russell 2000 index of small-cap stocks stayed flat at 1,668.5.

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